Then Justice lawyers filed criminal charges against the Austrian-born Badian and his brother Andreas in December 2003.

FORBES: Naked and Confused

Three years ago, the then-president of Rhino Advisors, Thomas Badian, settled SEC charges of using offshore accounts to short shares of Sedona.

FORBES: Magazine Article

The SEC first targeted Rhino Advisors and its president, Thomas Badian.

FORBES: Naked and Confused

Rhino and Badian settled without admitting or denying guilt.

FORBES: Naked and Confused

The SEC contends in its most recent case that Thomas Badian's brother, Andreas Badian, an official at Rhino, directed three brokers who were affiliated with Refco Securities, (two of them were also affiliated with another brokerage that was named in the case) to sell short massive amounts of Sedona shares with "unbridled levels of aggression, " intending to "clobber" Sedona's stock price until it collapsed.

FORBES: Naked Justice?